Dizings2k

I apologize! I didn't realize you were in NYC. Things are definitely different there!

Anyway, everybody has given good advice in here. I've been in debt situations and all you have to do is seriously commit to paying it off. Cut everything you can and pay things off. Start with smallest debt first and work up to largest. It's good for motivation to do it that way. OR you can do highest interest debt first, which is financially better.

UnkieTrunkie

This^

And be ready to defenestrate the girlfriend if she doesn't like the new regime. Seriously.

Here's where I've found "money in the cushions":
1. Starbucks/Coffee - I don't drink the stuff, but when I do, I make it at home. Even then, for Monsters, I go grab a flat at the bulk store, and not buy them at 7-11. $.75 per can back into my hands, and $2+ back into my hands with the coffee.*
2. Booze - 3-buck Chuck (used to be 2-buck, but. . . ) and macro-brew are your friends. Costco and Trader Joes has good stuff for not a lot of money.
3. Cable/Satellite - You live with your folks, but if you can, cut out HBO, Showtime, etc.
4. Clothing - If you're not working outlets and discounters already, you're behind the ball. Luckily, I have a job where shopping at Target and Old Navy makes me a fashionista, but if you don't, at least don't get rooked in by what's at the full-price mall.
5. Save (or pay debt) BEFORE you spend. If you have all of your online bits and pieces set up, when you get paid, pay the bills (and extra) first, and then yourself second. You'll have to do some budgeting, but within 90 days or so, you should have this down to a sweet science.

As someone who lives in one of the few areas that can meet or exceed New York in price (SF Bay Area), I'll also say that you have to have really really stringent saving goals, and ignore what many (not all) of your peers say. Like bd307 said, "Just think before you spend a dollar on anything." You don't need what a lot of your friends may say you need. You need to clear out your debt, and then start saving that money you were once using to eliminate said debt.

Happy Budgeting!

*I like the good shit when I drink coffee, so it will be $3-$4 per cup at the store, or ~$1 when I make it at home.

jst2878

Take your highest interest loans and start paying those off. At the end of the day set aside change(400.00 every 8-10 months). Stack every one dollar bill at the end of the day, put it towards your high interest loan each month.

.eric.

Like some have already said, you need to pay off your credit cards, starting with the one with the highest interest rate. I would keep one credit card for emergency use only.

If you're wanting to see immediate results, you really need to limit your extracurricular spending.

Eat at home as much as possible and stay out of the S2Ki classified forums!

TW00Si

50k isn't a whole lot in NYC but if my fiancé can make it work with 30k a year living on her own, I think you can too. Just make sacrifices. Cook more at home and eat out less. On top of all the other advises given, nothing is more important than your commitment. Hell, I'm still paying off my credit card and student loans but it doesn't matter how much you make, the more you make the more you will spend. It's the truth. Once you get it working and get a higher paying job, try to live like you're still making 50k. You'll be good.

jst2878

basically, you have to be very frugal for around 6-12 months. you can do it!

FluKy15

What helps me every time without fail is recording all of my spending. If I spend a dollar here, $300 there, record every penny. After a month, you really see how much stupid money you are spending. Then you can adjust your spending accordingly. I was able to find a few extra hundred dollars just by doing this. I used to be the same way, I make $60k+ and had nothing left over, always wondered why. Now I can have all of my fun, track days, pay $800-$1000 a month onto my car loan, and still have money left over. This year I already went to Jamaica, and Europe. In 3 weeks my s2000 will be paid off. Record your spending and I guarantee results, get a notebook and write it all down.

pastoli

My wife and I just started doing this. We cut up all of our credit cards. We saved up cash to take a trip to cruise the PCH from California to Washington. In the beginning my wife was horrible with spending money and saving it! I used to be a money hoarder, and got away from that. Being deployed and dealing with life experiences suggested I would like to enjoy my life alot more . I lost sight of saving money. But it's these experiences that help you to get back on the right path!

In 7 months my wife and I will be credit card debt free (11K). We go to the store now and analyze every single purchase. If we aren't going to need it to survive, we're not getting it. If you want something bad enough you can do it! Get the second job you're talking about! It's amazing how much cash you can save when the opportunity to spend it isn't there.

Terdburgler

Credit cards are not a problem for people who use them properly. I use mine all the time to get points. I always pay them every month, so I won't get charged interest.

I was in a similar position with the OP. Probably even worse off since I didn't live at home. I also earned less. I sucked it up and paid off 16 grand in CC debt, 25 grand in Student loan, and another 10K in car loans. All in the span of 3 years. I used the snowball way of paying debt. Not as effective as highest interest first, but it motivated me to pay things faster.

It was hard not going out. Seeing friends post fantastic pictures of restaurant food. Not taking vacation. Packing breakfast and lunch. The OP knows what to do. He just needs to man up and do it already.

For those of us who sacrifice other luxuries to become debt free, the rewards are far greater than short term happiness.

chrisaltima

You guys are right...I know what needs to be done. Just got to do it. Hopefully getting a second job for a few months Oct. - Jan. roughly will help me out a bit. Even if I earn an extra $200-$300 weekly it's going straight to the cards.